LONDON - A new financial transaction tax in Europe could hike the cost of carrying transactions on the foreign exchange market by up to 18 times, and the monetary impact on the economy would surpass the tax revenues collected. On January 17th the Global Financial Markets Association (GFMA) released a new study examining and quantifying the potential impacts of a financial transaction tax on the foreign exchange market in Europe. The study found that due to the tight margins seen by traders ... Read More

PARIS - France will soon implement a tax on financial transactions, and will not wait to see if similar measures will be instated by other countries across the European Union. In a radio interview given on January 8th, Benoist Apparu, a Secretary of State of France, confirmed that a new bill will soon be presented to French parliament, introducing a financial transaction tax into the national tax system. Benoist Apparu indicated that a bill with new tax may be tabled in parliament by the ... Read More

PARIS - Germany will continue to push for a financial transaction tax to be implemented around the world, but is willing to instate the measure alone if it does not see further international support. The idea of imposing a global financial transaction tax was raised once again at the Meeting of G20 Finance Ministers and Central Bank Governors over the weekend. Following the meeting the Finance Minister of Germany Wolfgang Schaeuble spoke to members of the press and said that throughout discussions ... Read More

BRUSSELS - In the midst of the Greek financial crisis and the ensuing uncertainty throughout the European financial market, the European Commission has stepped forward again and called for an EU-wide financial transactions tax. In an address to the European Parliament on September 28th the President of the European Commission José Manuel Barroso made the official proposal to instate a financial transaction tax to be applied to the activities of banks and financial institutions in countries across all European nations. The proposed tax ... Read More

France and Germany will once again take up the banner of global financial stability, with plans to re-propose the idea of a financial transaction tax at the upcoming G20 summit in November. In an interview published by French media on August 28th the Finance Minister of France Francois Baroin said that representatives from the German and French governments are now working on a new proposal for a international financial transactions tax. The Minister said that the governments of France and Germany are determined to ... Read More